Customer perceptions with the objective to build a clearly defined positionin th e minds of the target audience.

. All elements of the promotional mixneed to be us ed to develop and sustain customer perceptions. 5. First-mover advantage: Business strategists often tal about first-mover advantage. In terms of brand d evelopment, by first-moverthey mean that it is possible for the first successful b rand in amar et to create a clear positioning in the minds of targetcustomers be fore the competition enters the mar et. There is plenty of evidence to support t his. Thin of some leadingconsumer product brands li e Gillette, Coca Cola and S ell tapethat, in many ways, defined the mar ets they operate in andcontinue to l ead. However, being first into a mar et does notnecessarily guarantee long-term success. Competitors drawnto the high growth and profit potential demonstrated b y themar et-mover will enter the mar et and copy the bestelements of the leaders br and (a good example is the way thatBody Shop developed the ethical personal care m ar et butwere soon facing stiff competition from the major high streetcosmetics retailers. 6. Long-term perspective: This leads onto another important factor in brand building: the need to invest i n the brand over the long-term. Buildingcustomer awareness, communicating the br ands message and creatingcustomer loyalty ta es time. This means that management must invest in a brand, perhaps at the expense of short-term profitability. 13 7. Internal mar eting: Finally, management should ensure that the brand ismar eted internally as well as externally. By this we mean that the whole business should understand the brand values and positioning. This is particularly important in service businesses whe re a critical part of the brandvalue is the type and quality of service that a c ustomer receives. Thin of the brands that you value in the restaurant, hotel an d retail sectors. It is li elythat your favorite brands invest heavily in staff training so that the face-to-face contact that you have with the brand helps sec ure your loyalty. 14 Understanding what is brand equity Over 21,000 new products were introduced in 2004 alone yethistory tells us that better than 90% of them wont be on the shelf a year later. Why such a high failur e rate and why this been a historical trend. Thedevelopment of a successful prod uct-, which includes the product, the pac age, the product name and identity, is a challenging. But notinsurmountable tas . The li e hood for success can be gre atly enhanced if one focuses on certain critical issues. Clear product definitio n and proper execution and implantation that definition can lead to success and longevityin the mar et.Through the 1980s and 90s there has been a growing corporat e onincreasing shareholder value. Typical heading-grabbing story of thesedecades have included waves of layoffs, corporate restructuring and anemphasis on opera ting efficiencies.One solution is to grow the brand. This serves to build consum er andinvestor confidence in and loyalty to the company. A strong brand acts as a promise, leading faithful customers to pay a premium over competitive products . Li e wise the stoc of highly reputed companies trade at premiums to other in t heir respective industries. The most important assetsof any business are intangi ble: the company name, brand, symbols, andslogans, and their underlying associat ions, perceived quality, nameawareness, customer base, and proprietary resources such as patents,trademar s and channel relationship 15These assets, which comprise brands equity, are primary sources of competitive advances and future earning. Yet, research show that manager cannot identify wi th confidence their brand association, level of consumer awareness, or degree of customer loyalty. Moreover, in the last decademanager desperate for short-term financial result have often unwittinglydamaged their brands throughPrice promoti

ons and un wise brand extensions, causing irreversibledeterioration of the value of the brand name.Although several companies, such as Hindustan Lever Limited a nd other companies have recently create an equity management position to beguard ian of the value of the brand names, far too few manager reallyunderstand the co ncept of brand equity and how it must be implemented.In a fascinating and unsigh tly examination of the phenomenon of brand equity, it is extremely important to now how to avoid the temptationto place short-term performance before the heal th of the brand and instead,to manage brands strategically creating, developing and exploiting each of the assets in turn, li ewise companies can increase their new productschances an d maximize the potential rewards, by understanding what t heir target mar et desires. For instance, its tempting to short-cut mar et resear chand rich a product idea to mar et. 16Large sum of money become invested in the process. Even if poor consumers resu lt occur, companies may continue on when they should postpone or cancel the laun ch.Companies must first listen to the voice of the consumer is a critical one to hear but one that many firms have difficult in translating into products.Many co mpanies hear the words spo en by the consumers and wor hard todeliver on them b ut, as is often the case, what is says is actually meant (bythe consumer) may be very, very different. 17 Branding and Brand Equity In todays environment, building strong brands establishing brandequity is becomi ng more and more challenging. Increased pressure tocomplete on price, increased competition through product introductions andstore brands, and the fragmentation of advertising and mar et segments are just a sample of the pressure being face d by companies in todays highlycompetitive environment. What is Brand Equity? Brand equity refers to the value of a brand. Brand equity is basedon the extent to which the brand has high brand loyalty, name awareness, perceived quality and strong product associations. Bra nd equity also includesother intangible assets such as patents, trademar s and cha nnelrelationships.There are different definitions of brand equity, but they do h ave severalfactors in common: Consumers perception regarding branded and unbranded grocery items Add To Collection 10.4K Reads 155 Readcasts 6 Embed Views Published by 01copy TIP Press Ctrl-F to search anywhere in the document. Info and Rating Category: Uncategorized. Rating: Upload Date: 12/01/2009 Copyright: Attribution Non-commercial Tags: This document has no tags. Free download as PDF File (.pdf), Word Doc (.doc), text file (.txt) or read onli ne for free. Flag document for inapproriate content Related

2 p. Project 1 Saini Baljit Singh 100 Reads 9 p. 2212 Naveen Tiwari 205 Reads 66 p. vishal(2) Gurpreet Kal at 265 Reads Leave a Comment You must be logged in to leave a comment. Submit Characters: 400 mjay1358 mjay1358@gmail.com 08 / 17 / 2010 mjay1358 mjay1358 08 / 17 / 2010 hanzade hello dear, myself Aleem han, i have gone through ur project nice wor buddy gre at job u have done, dude plz mail me dis project as i need it to evaluate with m y study, plz plz mail me as soon as on my mail id... aleem673@gmail.com i will b e grateful if u mail it soon............. 05 / 17 / 2010